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EO-14: FY2010 Budget Solutions as a Foundation for Reform

EO-14: FY2010 Budget Solutions as a Foundation for Reform

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Governor Chris Christie announced $2.203 billion in budget solutions to balance New Jersey’s current‐year budget through a combination of savings from over funded programs, targeting of waste, and the capture of unexpended balances from accounts in every corner of state government.
Governor Chris Christie announced $2.203 billion in budget solutions to balance New Jersey’s current‐year budget through a combination of savings from over funded programs, targeting of waste, and the capture of unexpended balances from accounts in every corner of state government.

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Published by: Governor Chris Christie on Aug 03, 2011
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08/03/2011

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EXECUTIVE ORDER NO. 14WHEREAS, the State of New Jersey (“State”) is confrontingan unprecedented financial crisis affecting all levels ofgovernment; andWHEREAS, actual and anticipated revenue collections by theState continue to fall far below the amounts estimated in theFiscal Year 2010 Appropriations Act, P.L.2009, c.68; andWHEREAS, the Acting State Treasurer estimates that theState expects to realize revenue shortfalls in its sales andcorporate business taxes of approximately $442 million and $180million, respectively; andWHEREAS, the Acting State Treasurer further projects thatrealty transfer and insurance premium taxes are expected to beshort by a combined $200 million; andWHEREAS, these newly identified tax shortfalls added tomore than $415 million in revenue shortfalls previouslyidentified, create a projected aggregate net revenue shortfallof $1.212 billion for Fiscal Year 2010, taking into accountother appropriate revenue adjustments; andWHEREAS, in addition to the expected annual revenueshortfall, the Acting State Treasurer has further revised theestimated July 1, 2009 beginning balance to $613.8 million,representing a reduction of $121 million from the originalestimated beginning balance contained in the Fiscal Year 2010Appropriations Act; andWHEREAS, the combination of the aforementioned anticipatedannual revenue shortfall and the revised beginning balanceresults in a total projected funding shortage for Fiscal Year2010 of approximately $1.333 billion; and
 
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WHEREAS, the State further anticipates additional spendingneeds during Fiscal Year 2010 of $872 million, includingessential programs administered by the Department of HumanServices and additional municipal aid; andWHEREAS, the combined total estimated funding shortage andadditional spending needs for Fiscal Year 2010 is projected toexceed $2.2 billion; andWHEREAS, the New Jersey State Constitution requires theGovernor to take care that the laws of this State be faithfullyexecuted, N.J.Const. (1947) Article V, Section 1, Paragraph 11,including ensuring compliance with the constitutional mandatethat a balanced State budget be maintained, N.J.Const. (1947)Article VIII, Section 2, Paragraph 2; andWHEREAS, the Governor is entrusted with the responsibilityto protect the health, safety, and welfare of the people ofthis State, as well as the responsibility to aid in theprevention of damage, loss, or destruction of property in theevent of emergency affecting the State pursuant to the DisasterControl Act, N.J.S.A. App.A:9-30 et seq.; andWHEREAS, during the course of a fiscal year, the Governormay take steps to freeze State spending if it appears thatrevenues have fallen below those originally anticipated byimpounding certain funds pursuant to N.J.S.A. 52:27B-31 toensure that appropriations are not used to support waste,mismanagement or extravagance in a time of severely diminishedfiscal resources; andWHEREAS, in order to protect against and meet emergenciesthat may arise during each fiscal year, the Director of the
 
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Division of Budget and Accounting (“Director”) is authorized tofreeze State spending by placing certain funds in reservepursuant to N.J.S.A. 52:27B-26 to ensure that the State'sbudget remains balanced; andWHEREAS, failure to exercise these powers would result inthe State lacking sufficient resources to provide essentialState services and basic operations of State government for thebalance of Fiscal Year 2010, causing devastating immediateimpacts on the residents of the State; andWHEREAS, in order to determine which items of spendingshould be reserved or impounded, the Director has conferredwith the various departments of State government to identifyitems which can be reduced for Fiscal Year 2010; andWHEREAS, aid to school districts represents a significantpart of the Fiscal Year 2010 budget, and because of themagnitude of the fiscal crisis and the fact that less than fivemonths are left in the fiscal year to address it, it isnecessary to freeze a portion of State school aid in order toaddress this fiscal emergency; andWHEREAS, many school districts currently have surplusmonies in their budgets that are available but not budgetedthat could be made available to support those districts’current expenses during the current period of fiscal emergency;andWHEREAS, given the dire position of the State’s finances,it is necessary to freeze State aid payments to schooldistricts that have available resources so that the freeze canbe implemented without affecting the ability of these districts

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